关于爱尔眼科医院集团股份有限公司 2024 年度跟踪报告 华泰联合证券有限责任公司 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括 | 是 | | 但不限于防止关联方占用公司资源的制度、 | | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 未列席，已阅会议文件 | | （2）列席公司董事会次数 | 未列席，已阅会议文件 | | （3）列席公司监事会次数 | 未列席，已阅会议文件 | | 5.现场检查情况 | | | （1）现场检 ...

Group 1 - The ChiNext 50 Index (399673) has shown a decline of 0.92% as of May 9, 2025, with mixed performance among constituent stocks [2] - Leading stocks include Runhe Software (300339) up by 5.88%, and Softcom Power (301236) up by 2.26%, while Maiwei Co. (300751) led the decline at 5.78% [2] - The ChiNext 50 ETF (159367) has decreased by 1.16%, with a latest price of 0.94 yuan, but has seen a cumulative increase of 6.28% over the past two weeks [2] Group 2 - The ChiNext 50 Index selects the top 50 stocks from the ChiNext Index based on market capitalization and liquidity, representing leading companies with strong growth potential across various sectors [3] - The ChiNext 50 ETF (159367) has advantages such as a 20% price fluctuation limit and low management fees of 0.15%, making it cost-effective for investors [3] - The index's valuation is at a historical low, with a price-to-book ratio (PB) of 4.61, below 82.99% of the time over the past five years, indicating strong value [3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the ChiNext 50 Index include CATL (300750) and East Money (300059), accounting for 64.53% of the total weight [3][5] - The top ten stocks show varied performance, with CATL increasing by 0.79% and East Money decreasing by 1.84% [5] - The recent policy measures are expected to stabilize expectations and boost economic growth, with anticipated increases in social financing and investments in infrastructure and manufacturing [5]

Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown a recent increase, reflecting a mixed performance over different time frames [1][2]. Group 1: Index Performance - The China Securities Index for Healthcare Equipment and Services rose by 0.39% to 13,367.74 points, with a trading volume of 14.635 billion yuan [1]. - Over the past month, the index has increased by 5.82%, while it has decreased by 2.05% over the last three months and by 2.72% year-to-date [1]. Group 2: Index Composition - The index is composed of listed companies in the healthcare sector, selected from the broader China Securities Index to reflect the overall performance of healthcare-related securities [1]. - The top ten weighted companies in the index include: Mindray Medical (9.57%), Aier Eye Hospital (8.34%), United Imaging (7.63%), Aimeike (3.55%), Huatai Medical (3.28%), Yuyue Medical (2.88%), New Industry (2.81%), Meinian Onehealth (2.35%), Lepu Medical (2.07%), and Jiuan Medical (2.03%) [1]. Group 3: Market Segmentation - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.66%) and the Shanghai Stock Exchange (39.34%) [1]. - In terms of industry composition, medical devices account for 34.34%, medical consumables for 27.26%, in vitro diagnostics for 21.50%, and medical services for 16.90% [2]. Group 4: Fund Tracking - Several public funds track the China Securities Index for Healthcare Equipment and Services, including Southern China Securities Index Healthcare Equipment and Services Link A, C, and I, Tianhong China Securities Index Healthcare Equipment and Services ETF, and others [2].

Core Insights - Aier Eye Hospital reported a revenue of 20.983 billion yuan for 2024, representing a year-on-year growth of 3.02% [2] - The net profit attributable to shareholders reached 3.556 billion yuan, an increase of 5.87% year-on-year [2] - The company's basic earnings per share stood at 0.38 yuan [2] Financial Performance - The gross profit margin for 2024 was 48.12%, a decrease of 5.27% compared to the previous year [4] - The weighted average return on equity was 17.89%, down by 0.99 percentage points year-on-year [4] - The net cash inflow from operating activities was 4.882 billion yuan, a decline of 16.86% year-on-year, primarily due to an increase in accounts receivable and a reduction in government subsidies [4] - The year-end debt-to-asset ratio was 34.41%, a slight increase of 0.75 percentage points year-on-year, indicating stable short-term solvency with a current ratio of 1.45 and a quick ratio of 1.26 [4] Business Segment Performance - Revenue from refractive projects was 7.602 billion yuan, growing by 2.31% year-on-year, accounting for 36.23% of total revenue, driven by the promotion of new technologies [4] - Vision care services generated 5.278 billion yuan in revenue, up 6.42% year-on-year, representing 25.16% of total revenue, supported by increased demand for myopia control among youth [4] - Revenue from cataract projects reached 3.489 billion yuan, a growth of 4.87% year-on-year, although the growth rate was impacted by medical insurance cost control [4] Research and Development - Aier Eye Hospital invested 320 million yuan in research and development, with an R&D expense ratio of 1.53% [4] - The company launched the AierGPT ophthalmology model and an intelligent customer service system that handled 2.01 million inquiries, improving service efficiency by 30% [4] - The digital persona "Aiko" was implemented in over 200 hospitals, providing virtual guidance and health education [4] Dividend Distribution - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares (including tax) to all shareholders [4]

Core Viewpoint - The article discusses the resilience and growth potential of Aier Eye Hospital, highlighting its strong performance in the eye care sector amidst global economic challenges and increasing demand for eye health services [2][6][18]. Industry Overview - The eye care sector is experiencing significant growth due to rising demand driven by increasing eye health issues among all age groups, particularly children and the elderly [3][4]. - The overall market size for eye care services in China has expanded from 50.71 billion yuan in 2015 to an estimated 223.1 billion yuan by 2024, with a projected compound annual growth rate (CAGR) of 16% from 2020 to 2025 [4][5]. Company Performance - Aier Eye Hospital reported a revenue of 20.983 billion yuan in 2024, a year-on-year increase of 3.02%, and a net profit of 3.556 billion yuan, up 5.87% [8][12]. - In Q1 of the current year, Aier achieved a revenue of 6.026 billion yuan, with a net profit of 1.050 billion yuan, reflecting year-on-year growth rates of 15.97% and 16.71%, respectively [7][8]. Competitive Advantage - Aier Eye Hospital has established a leading position in the market with a significant share in outpatient services, demonstrating resilience even in challenging economic conditions [6][10]. - The company employs a tiered chain model to optimize resource allocation and patient access, enhancing its operational efficiency and market reach [10][11]. Strategic Initiatives - Aier is advancing its "AI + Eye Care" strategy, integrating artificial intelligence into its services to improve diagnostic efficiency and patient care [17]. - The company has expanded its international presence, with 974 facilities globally, including 811 in mainland China, contributing to a revenue of 2.625 billion yuan from overseas operations in 2024 [18][19]. Financial Metrics - Aier's gross margin has remained high, with figures of 50.46%, 50.79%, and 48.12% over the past three years, while its net margin has been 16.69%, 17.95%, and 17.81% [12][15]. - The company's sales expense ratio has been consistently lower than its competitors, indicating effective cost management [12][13].

第六届监事会第二十三次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 爱尔眼科医院集团股份有限公司（以下简称"公司"）第六届监事会第二十 三次会议于 2025 年 5 月 6 日以通讯表决方式召开，会议通知于 2025 年 4 月 30 日以邮件方式送达，会议由监事会主席宁俊萍女士召集主持，应到监事 3 人，实 到监事 3 人，会议的召开符合《公司法》和《公司章程》的有关规定，会议合 法、有效。经审议，本次会议一致通过如下议案： 证券代码：300015 股票简称：爱尔眼科 公告编号：2025-037 爱尔眼科医院集团股份有限公司 董事会关于本次限制性股票激励计划预留授予部分第三个解除限售期解除 限售条件成就但股票暂不上市的申请程序符合相关规定，因此，我们一致同意此 议案。 此项议案以 3 票赞成、0 票反对、0 票弃权获得通过。 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）上刊登的《关于 2021 年限制性股票激励计划预留授予部分第三个解除限售期解除限售条件成就但股 票暂不上市的公告》。 《关于 2021 年限制性股票激励计划预留 ...

爱尔眼科医院集团股份有限公司（以下简称"公司"）第六届董事会第三十 五次会议于 2025 年 5 月 6 日以通讯表决方式召开，会议通知于 2025 年 4 月 30 日以邮件方式送达。会议由董事长陈邦先生召集主持，应到董事 7 人，实到董事 7 人，会议的召开符合《公司法》和《公司章程》的有关规定，会议合法、有效。 经审议，本次会议一致通过如下议案： 《关于 2021 年限制性股票激励计划预留授予部分第三个解除限售期解除限 售条件成就但股票暂不上市的议案》 2021 年限制性股票激励计划预留授予部分第三期解除限售条件达成之日为 2025 年 5 月 6 日；本次符合解除限售条件的激励对象共计 1,025 名，均满足 100% 解除限售条件，可解除限售的限制性股票数量为 6,241,526 股，占公司目前总股 本的 0.0669%；根据公司《2021 年限制性股票激励计划（草案）》所有激励对象 承诺，自每个解除限售的条件达成之日起 6 个月内，其所持有的当批次解除限售 的全部限制性股票不得转让。故本次解除限售的限制性股票暂不上市，继续禁售 至 2025 年 11 月 5 日。 该项议案已经董事会薪酬与考核委员 ...

湖南启元律师事务所 关于爱尔眼科医院集团股份有限公司 2021 年限制性股票激励计划预留授予部分 第三个解除限售期解除限售条件成就相关事项 的法律意见书 2025 年 5 月 致：爱尔眼科医院集团股份有限公司 湖南启元律师事务所（以下简称"本所"）接受爱尔眼科医院集团股份有限公 司（以下简称"公司""爱尔眼科"）的委托，作为公司2021年限制性股票激励计 划项目（以下简称"本次激励计划""激励计划"）专项法律顾问为公司本次激励 计划提供专项法律服务。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）及中国证券监督管理委员会（以 下简称"中国证监会"）发布的《上市公司股权激励管理办法》（以下简称"《管理 办法》"）、深圳证券交易所发布的《深圳证券交易所创业板上市公司自律监管 指南第1号——业务办理》（以下简称"《监管指南》"）、《深圳证券交易所创业 板股票上市规则》（以下简称"《上市规则》"）等现行法律、法规和规范性文 件以及《爱尔眼科医院集团股份有限公司章程》（以下简称"《公司章程》"）的 有关规定，按照律师行业公认的业务标准、道德规范和勤勉 ...

Core Insights - The company reported a revenue of 20.98 billion yuan for 2024, a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 3.56 billion yuan, up 5.9% year-on-year [1] - In Q1 2025, the company achieved a revenue of 6.03 billion yuan, representing a 16.0% year-on-year growth, with a net profit of 1.05 billion yuan, an increase of 16.7% year-on-year [1] Revenue Breakdown - Medical services generated revenue of 14.49 billion yuan in 2024, a 4.0% increase year-on-year, accounting for 69% of total revenue [1] - Within medical services, refractive projects contributed 7.60 billion yuan (2.3% increase), cataract projects 3.49 billion yuan (4.9% increase), anterior segment revenue 1.90 billion yuan (6.0% increase), and posterior segment revenue 1.50 billion yuan (8.0% increase) [1] - The gross margin for medical services in 2024 was 45.9%, down 3.1 percentage points from 2023, with declines in refractive, cataract, anterior, and posterior segments [1] Vision Care Segment - The vision care segment achieved revenue of 5.28 billion yuan in 2024, a 6.4% year-on-year increase, representing 25.2% of total revenue [2] - The company is expanding its presence through a "ophthalmology outpatient + hospital" model and has seen significant growth in OK lenses and defocus lenses [2] - The company is implementing a "1+8+N" strategic layout to enhance its global medical network, with multiple regional eye centers established and acquisitions of 87 medical institutions to strengthen its grassroots hospital network [2] Future Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are projected to be 0.43 yuan, 0.49 yuan, and 0.55 yuan respectively [3]